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EMPLOYMENT BOND
This agreement between employer and employee includes detail such as the training given, the expenditure by the company for the same, and the period of service. It clearly sets out the details regarding the HR policies, remuneration, perks, grounds of termination policies, obligations during and after the employment period as well as other terms and conditions that will govern the employment. The Bond binds the employee to keep all the information related to the organization confidential during and post employment. Any breach of the terms and conditions mentioned in the bond is subject to legal action.
This agreement can be made legally enforceable and binding on the organization’s letterhead, or on a non-judicial stamp paper and subsequently registered which is duly signed by both the parties. It is advisable use a non-judicial stamp paper for better protection against any legal issue which may arise in future though getting it done on organization’s letterhead is sufficient. Use this agreement if You as an employer have hired a new employee and wish to specify the rights and obligations for both the employee and the employer. You as an employee have been offered an employment and wish to present a mutually acceptable and equitable bond to the employer.